Shanghai RAAS(002252) 太平洋证券·2025-03-27 15:21Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase in stock price of over 15% compared to the CSI 300 index within the next six months [10]. Core Views - The acquisition of Nanyue Biological Pharmaceutical Co., Ltd. for 4.2 billion yuan is a significant step in the company's "plasma expansion" strategy, which is expected to enhance overall plasma collection by over 18% [5][4]. - Nanyue Biological is the only blood product manufacturer in Hunan with GMP certification, operating nine plasma collection stations with a designed capacity of 500 tons [4]. - The company anticipates revenue growth from 85.98 billion yuan in 2024 to 114.52 billion yuan in 2026, with net profit expected to rise from 22.88 billion yuan to 31.41 billion yuan during the same period [6]. Summary by Sections Company Overview - The company has a total share capital of 6.638 billion shares and a market capitalization of 456.69 billion yuan, with a 12-month high of 8.68 yuan and a low of 6.42 yuan [3]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are 85.98 billion yuan, 103.01 billion yuan, and 114.52 billion yuan, respectively, with year-on-year growth rates of 8%, 20%, and 11% [6]. - Net profit forecasts for the same years are 22.88 billion yuan, 28.29 billion yuan, and 31.41 billion yuan, reflecting growth rates of 29%, 24%, and 11% [6]. Strategic Developments - The acquisition of Nanyue Biological is part of a broader strategy to enhance the company's market position and operational capacity, supported by Haier Group's involvement in the company's health sector initiatives [5]. - The company will control 12 out of 17 plasma collection stations in Hunan, significantly boosting its market presence [5].